How to make an additional $30,000 this year by offering guaranteed payroll check cashing services to your customers?
As gas prices soar, the convenience store business becomes more difficult because your customers have less to spend on high-profit items you sell. Providing check cashing services to your customers is an idea that is helping convenience stores to increase profits because you can now provide this service without any risk. By cashing checks you can:
Bring customers into your store and put spending money into their hands.
Create a new revenue/profit source.
Quality Merchant Services offers the only check cashing system that offers a “payroll and third party check guarantee” through one of the largest payment processing companies in America.
By offering guaranteed check cashing services you can:
Provide a needed service.
Attract new customers.
Ensure your profits.
The FDIC estimates that there are 50 to 60 million unbanked or under-banked people living in the United States. Using the PrimeTrex terminal developed for this service, you can cash payroll checks, government checks, insurance agency checks, cashier’s checks, money orders, rebate checks, stock dividend checks, checks issued by a business to two persons and checks issued from a third party tax preparation firm for your unbanked customers. You simply scan I.D. information and image the check into the system. When the transaction is approved you will be guaranteed the funds even if the check bounces.
Here is an example of your profit potential if you cash 100 checks a week:
Number of Check Cashing Customers
Average Amount of Check
Average Fee Charged (2.5% and keep change)
Cost of Guarantee (1%)
Average Weekly Revenue
Average Weekly Profit
Yearly Check Cashing Profit
The chart above is only an illustration of the profit potential of a money service operation. The information it contains is based on national averages provided by the FDIC in its recent report about the check cashing business. Your profits from this type of business can vary substantially from the numbers shown in the example.
The State of Art terminal combines our proven dual-communication capability with our dual-sided check and 2D barcode scanner in a compact footprint which provides tremendous hardware and software capability while saving merchants valuable counter space.